(A) Upon every person engaging or continuing within this city in the business of banking or financial business, the tax shall be equal to 1% of the gross income received from interest, premiums, discounts, dividends, service fees or charges, commissions, fines, rents from real or tangible personal property, however denominated, royalties, charges for bookkeeping or data processing, receipts from check sales, charges or fees and receipts from the sale of tangible personal property; provided, that on and after July 1, 2015, the tax imposed by this section shall be 0.5% of the gross income derived from engaging or continuing in this city in the business of banking or other financial business on and after said date; provided however, that gross income shall not include:
(1) Interest received on the obligations of the United States, its agencies and instrumentalities;
(2) Interest received on the obligations of this or any other state, territory or possession of the United States or any political subdivision of any of the foregoing or of the District of Columbia; or
(3) Interest received on investments or loans primarily secured by first mortgages or deeds of trust on residential property occupied by non transients; provided further, that all interest derived on activities exempt under this division (A)(3), shall be reported, as to amounts, on the return of a person taxable under the provisions of this section. Persons taxed pursuant to the provisions of this section shall not be taxed under §§ 38.005 to 38.013 inclusive.
(B) Council hereby finds and declares that it is the intent of Council to subject national banking associations and other financial organizations to the tax imposed by this subchapter, in accordance with the authorization contained in § 5219 of the Revised Statutes of the United States, being 12 U.S. C. § 548, as amended by Pub. Law No. 91-156 enacted by the Congress of the United States on December 24, 1969.
(Prior Code, § 711.14) (Ord. passed 1-6-2015)